The Houston Association of REALTORS® (HAR) maintains a monthly market report, tracking charges to the real estate market in the Houston metro area. The most recently-released report shares data tracking changes from year-over-year from June 2022 to 2023.
Key details:
- Single-family home sales declined 12.8% year over year – 8582 units sold in June 2023 compared to 9845 in 2022. This marks the 15th month of decline in Houston.
- Townhome/condo sales fell 17.5% year over year, with the median price down 2.5% to $217,000 and the average price down 2.7% to $252,845. This represents the 13th straight monthly decline for condominium sales.
- Total property sales declined 13.7% – 12,031 to 10,382.
- Total dollar volume likewise declined 13.4% – $4,890,171,121 to $4,233,848,491.
- The average sales price for single-family homes in Houston was $431,092 during June 2023 – a decline of 0.5% from 2022 ($433,176).
- Median sales price for single-family home, on the other hand, was $345,000 in June 2023, a 2.5% decline from 2022
- Single-family home pending sales, however, increased by 4.8% – 8,240 to 8,634.
- Active listings in Houston rose from 28,409 to 36,431 year over year (a 28.2% increase).
- Housing supply in Houston also reached 3.1 months in June 2023, a jump of 1.2 months from June 2022.
- Days on Market for single-family homes rose from 28 to 45 days.
- Both homes priced at $1 million and higher and those priced below $150k saw gains, while those within price ranges between these points declined.
The takeaways:
“We are seeing improvement after more than a year of negative home sales due largely to rising interest rates and inflation/recession jitters among consumers,” said HAR Chair Cathy Treviño with Side, Inc. “While the Houston real estate market is finally operating at a more normal pace, we need to understand that any volatility in the national economy, including more signs of inflation, could set us back again.”
For the full report, visit https://www.har.com/content/department/newsroom?pid=1957.
